[ALDAR PROPERTIES] 

Aldar Properties PJSC (ALDAR), exp instrument rating Baa3 by Moody's (issuer rating Baa2 (s) by Moody's), US$1bn 144A/Reg S (Cat 2) 30.25NC7.25 resettable subordinated hybrid notes due 4/14/56. First reset date: 4/14/33. First call date: 1/14/33. CoC, tax changes call. Equity Credit: Moody’s Basket M (50% equity credit). Subordination: Direct, unsecured and subordinated obligations of the Issuer, ranking in priority only to share capital of the Issuer and deeply subordinated obligations; payments under the Notes are conditional upon the Issuer being Solvent at the time of, and immediately following, such payment. Optional Redemption: Any date during the period commencing (and including) the First Call Date to (and including) the First Reset Date or on any Interest Payment Date thereafter (each a Par Call Date) at par. Coupon: Fixed until Apr. 14, 2033; thereafter resets every 5Y to the prevailing 5Y UST+ Initial Margin + Step-Up Margin (when applicable). Step-up Date: 14 April 2036 (Year 10.25). Step-up Margin: 100bps. Make-whole Redemption: In whole but not in part at any time that is not a Par Call Date, at par plus the Make-whole Amount plus any Outstanding Payments. Special Event Redemption: Change of Control Event (500bps step-up if not called) or Substantial Repurchase Event (greater than/equal to 75%) at par; Rating Methodology Event or Tax Deductibility Event each at 101% until the First Call Date, at par thereafter, plus, in each case any Outstanding Payments. Interest Deferral: At the discretion of the Issuer; cumulative and compounding. Payment of Optionally Deferred Interest: Payable at any time (in whole or in part) at the discretion of the Issuer or mandatory settlement (in whole not in part) upon: (i) discretionary distribution to (or redemption of) any Junior Obligation or Pari Passu Obligations; (ii) the next Interest Payment Date where the Issuer elects to pay interest, (iii) the redemption or variation of the Notes; (iv) the court declaring the Issuer insolvent or appointing an administrator or sanctioning an involuntary winding-up petition; and (v) the date which is 5 years from the earliest Interest Payment Date was scheduled to be paid but not paid; all subject to customary carve-outs. Denoms: 200k x 1k. Day Count: 30/360. Governing Law: English Law. Listing: Global Exchange Market of Euronext Dublin (Official List, GEM); post issuance, Abu Dhabi Securities Exchange (ADX). UOP: GCP. Pricing 1/7. Settle 1/14. 144A ISIN: US013917AA78. 

VIA Citi (B&D) (Sole Structuring Advisor, Global Coordinator and Joint Bookrunner)/ADCB/ENBD/FADB/IMI-Intesa Sanpaolo/JPM/Mashreq/RAKBANK/SG/StanChart (as Joint Lead Managers and Joint Bookrunners). 

Announced as a benchmark, we heard initial price thoughts as  6.375% area.

Final price guidance came in at 6.00% area (+/- 5)

Ultimately, a $1bn deal priced as follows:

$1bn 5.875% 4/14/56 99.574 5.95%. MW+50. Back-end reset margin: T+201.8 (plus 100bp step-up when applicable).

We heard books was $3.4bn at Launch ex JLM interest